New Tax Year – New Tax Rates
With the new tax year commencing on 1 July 2010, new income tax rate scales will apply, slightly reducing the income tax rates for the 2011 tax year. The scales are outlined below:
|
Income Thresholds |
Rate |
2011 Tax Payable
|
|
$0 – $6,000 |
0% |
Nil |
|
$6,001 – $37,000 |
15% |
Nil + 15% above $6,000 |
|
$37,001 – $80,000 |
30% |
$4,650 + 30% above $80,000 |
|
$80,001 – $180,000 |
37% |
$17,550 + 37% above $80,000 |
|
$180,000 and over |
45% |
$54,550 + 45% above $180,000 |
|
|
Increase in the Tax Free Amounts Received by Children
With the changes in the income tax rates, a reminder of the amounts of investment type income (including family trust distributions) that children can receive without having to pay tax. The amounts are as follows:
|
Tax Year |
Maximum Amount Without Tax Applying |
|
30 June 2009 |
$2,666 |
|
30 June 2010 |
$3,000 |
|
30 June 2011 |
$3,333 |
Tags: tax rates